Who does not want to be rich? Everyone is in search of financial independence and is looking for ways to make money. With this era of technology and the internet, people are making money right from their homes and do not even bother to change their clothes for work. Making online money is a real thing as people are defeatedly making a hefty amount. Out of many ways of making online money, trading is one of them, and many online stock broker platforms are out there on the web.
In this article, we shall cover one such broker called “OctaFX.” Is it legit or a scam? Is OctaFX legal in Malaysia, or is it just another bubble that will burst away all your dreams? We shall find out shortly!
What is OctaFX?
“OctaFX” is a Forex ECN representative enlisted in St. Vincent and the Grenadines offering to exchange on Forex, Indices, Metals, and Cryptocurrencies through CFDs across the MetaTrader and cTrader set-up of exchanging stages just as their own OctaFX Trading App.”
So, in simple words, for a Malaysian person, it is an online platform to trade. You can trade different sorts of cryptocurrencies, gold, silver, and other valuable companies.
Is OctaFX Legal in Malaysia?
Earning money online is not as simple as it looks. You have to beware of scams, frauds and your making should be legal. Each country has its own rules, and one is abiding to follow even if he or she does not like them. So, it is crucial to know whether your means of earning is legal or illegal; otherwise, you might land in hot waters.
OctaFX is legal in Malaysia. It is not only permitted but is also one of the top brokers in Malaysia. It is regulated by the two most trusted regulatory bodies from the FCA, which is based in the United Kingdom, and CySEC, which is based in Europe.
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What are the factors that make forex legal in Malaysia?
To exchange Forex Malaysia legitimately is to utilize one of the affirmed organizations or expedites and keep an Islamic record. An intermediary or specialist should be considered to be Shariah-agreeable. Some shariah-consistent representatives that have gotten great audits by clients overall are AvaTrade, eToro, FXTM, and markets.com. Hence an organization must abide by the “Sharia-agreeable” rules, i.e., the rules mentioned in Islam for trading.
OctaFX Copy Trading in Malaysia:
By now, you must have gotten the knowledge about the legality of OctaFX, and it is safe to use in Malaysia. In this part of the article, we shall discuss either is OctaFX Copy Trading worth it in Malaysia or not. Copy Trading is the best tool to educate yourself about trading and how OctaFX works. It is to remember that copy trading is only suitable for learning and trying new things with trading; it is not for making a passive income.
What Are The Best Forex Trading strategy In Malaysia?
To become a successful Forex trader in Malaysia, you have to pick the right strategy according to the market situation. Although I don’t like to follow the same strategy for a long time. My Forex trading strategy has constantly been changing according to the market situation.
Position trading, Forex scalping, day trading are the best Forex trading strategies. To see various Forex trading strategies for Malaysia, click here. By analyzing them, you can pick a Forex trading strategy in Malaysia.
How does copy trading work?
You choose the cash you wish to contribute and copy all that they do automatically in the meantime – when that trader makes a trade, your record will make that equivalent trade also. You don’t have to contribute to the businesses, and you get indistinguishable profits from each trade as your picked trader.
Price Action Trading and OctaFX Malaysia:
In the most straightforward words for a person to understand, price trading is the art of reading the market and make a subjective decision that is based purely on the past and present price movement. It is hence called “Price Action Trading” as all the trading decisions are being made with respect to the behavior of the price. It is a good technique to earn money in OctaFX Malaysia only if you have the right amount of knowledge and are trained enough to make assumptions and predict the future. We are speaking of training which brings us to the next part of our article, “Minimum Deposit” in OctaFX.
OctaFX Malaysia Demo Account and Minimum Deposit:
• OctaFX Demo Account:
It is evident that you need to invest a certain amount of money in starting your trading career and in starting earning from brokers. Each broker has a minimum price tag that must be followed to open an account on OctaFX. But before we get onto that, OctaFX also provides a “Demo Account” that operates and behaves in the same manner as the real account, but all the funds in the demo account are fake, and you can practice your strategies without the fear of losing money.
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• OctaFX Minimum Deposit:
After your proper training and experience, you can open a real OctaFX Malaysia account with a minimum deposit of only 5$ or 20.7 Malaysian Ringgits. It is that simple! Not only does this small amount encourages you to join the trading platform, but it also helps and motivates you to take that leap of faith that might change your financial life if you are a good trader.
OctaFX Malaysia Review:
OctaFX has been graded the Number 1 Broker in Asia for 2021, which clearly shows that it is a great trading platform in Malaysia, and if used properly, it can be very beneficial. Till we have guided you on various things about OctaFX Malaysia and how keeping all those points in mind can help you become financially independent. It is always to remember that OctaFX involves a factor of risk and should be used with caution.
OctaFX is a generally excellent ECN broker with fluctuated account alternatives, stages, and exchanging conditions. Since these accounts’ alternatives, steps, and trading conditions are, for the most part, firmly connected, new clients may feel discretionarily limited. OctaFX has a brilliant logical area, all around planned to school for newcomers, top-notch exchanging devices, and scope of energizing extra alternatives for Malaysian traders.